China’s Anbang Insurance Group Co. is looking to unload a luxury hotel collection that it acquired for USD 5.5 billion two years ago, according to people familiar with the matter, as pressure builds on the company to raise cash following its seizure by the government.
Anbang had been listening to offers to buy individual properties within its hotel portfolio, which includes high-end properties like the Essex House Hotel overlooking Manhattan’s Central Park; the Four Seasons Hotel in Jackson Hole, Wyo.; and the InterContinental Hotels in Chicago and Miami, The Wall Street Journal reported in February.
But now as Anbang looks to raise cash more rapidly, the insurer has decided to sell the entire portfolio of about 15 hotels, the people said.
If Anbang completes a deal, it would represent the company’s most significant overseas sale since the Chinese government took control from its now-jailed founder and injected USD 9.7 billion into the financially troubled company earlier this year.
Read Original Article
